The following interest-bearing promissory note was discounted at a bank by the payee before maturity. to the nearest cent.) Face Interest Value Rate (%) $1,210 7.1 Date of Note Sept. 16 Date of Discount Dec. 9 Term of Note (days) 130 Discount Period (days) Maturity Date -Select-- *** Discount Rate (%) 11.3 Maturity Value (in $) Proceeds (in $)
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. to the nearest cent.) Face Interest Value Rate (%) $1,210 7.1 Date of Note Sept. 16 Date of Discount Dec. 9 Term of Note (days) 130 Discount Period (days) Maturity Date -Select-- *** Discount Rate (%) 11.3 Maturity Value (in $) Proceeds (in $)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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the following interest bearing promissory note was discounted at a bank by the oayee before maturity. use the ordinary interest method 360 days to calculate the missing information. round dollars to the nearest cent.
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